We already knew that The Hobbit earned a whopping $13.0 million during midnight showings, but over the course of its first full day in theaters the film took in an estimated $37.5 million, the highest gross ever for a December opening day.

The next best December bow was also of the Middle-earth variety – Lord of the Rings: Return of the King grossed $34.5 million on its opening day, a Wednesday, in 2003. Notably, The Hobbit sold fewer tickets on its opening day than Return of the King, but its gross was higher because of ticket price inflation and 3-D/IMAX surcharges. Still, huge is huge – and The Hobbit is headed for a mammoth debut.

The film should finish somewhere between $90 million (if it plays like a front-loaded fanboy flick, whose appeal doesn’t extend beyond the Tolkien faithful) and $110 million (if it can attract families on Saturday and Sunday). Either way, The Hobbit is set to replace I Am Legend’s $77.2 million debut as the best December opening ever.